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Disability Insurance is probably one of the most important insurance policies for adults in 2021. Being physically fit does not entirely ward away the possibility of being disabled. There might be unforeseen circumstances that may befall us. Hence, having coverage from disability insurance to help alleviate the potential loss of income through monthly payouts will be significantly helpful.
There are a total of 3 CareShield Life Supplement Plans in Singapore, they are (in no particular order):
Check our our blog post on CareShield Life Supplement comparisons - is it worth it to upgrade to AVIVA, Great Eastern or NTUC Income Supplement plans?
Similar to Medishield Life, CareShield Life only provides basic coverage; people who prefer more comprehensive coverage can opt for CareShield Life Supplement plans for better peace of mind. CareShield Life Supplements provide additional useful benefits like higher monthly payouts, death benefits, dependent benefits, etc.
Singaporeans and PRs are covered by a basic long-term care insurance called the CareShield Life. CareShield Life seeks to provide financial relief in the event of severe disablement via monthly payouts starting at S$600, which subsequently increases over time.
In an effort to keep healthcare costs affordable, individuals can use their Medisave to pay for their own or their family members' CareShield Life Premiums. Additionally, CareShield Life is also applicable for subsidies for eligible households.
This is a type of
Out of 6 Activities of Daily Living (ADLs) - washing, dressing, feeding, toileting, moving, and transferring - so long as someone faces the inability to perform any 3 ADLs, they are MOH-accredited to be severely disabled. This is the criteria for claiming their CareShield Life payouts.
It is important to declare your pre-existing medical condition before taking up any health insurance. Any known pre-existing conditions you have prior to starting your policy will not be covered by your health insurance
Generally, the list of exclusions are:
To help Singaporeans make smarter personal finance decision, here are some tools to help you:
One can read up our articles on health insurance here:
If there are still questions after reading Real User Reviews on Health Insurance, ask the community at Seedly.
Contact us at [email protected] should you require any assistance or spot any inaccuracies